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February 4th, 2016: SP-500 Mid-day/EOD Update

Posted by pugsma on February 4, 2016

12:15 pm EST:   The primary (red) count this that major [2]-PC-C2 either completed at 1947 as a single Zig-Zag (minor A-B-C) near the 50% retrace of 1964 or still needs to complete the 2nd leg of a double Zig-Zag (minor W-X-Y) up to the 62% retrace of 2000.    For the double ZZ version, minor W ended at 1947 as a 135 point move up from 1812 and the move down from 1947 to 1872 was a minor X-wave.   Basis 1872 the minor Y=W target is at 2007, which is near the 62% retrace target of 2000 for major [2].   For either version of the primary count, a break below the major [1] of 1812 will confirm the beginning of the major [3] wave down headed for the SPX 1575 pivot area.  Note: a break below 1812 triggers the large, 2 year old, Head and Shoulders Topping Pattern that has formed on the SP-500 daily chart with Head at 2135, Neckline at 1820 and Price Target of 1820 – (2135-1820) = 1505.  The major [2]-PC bounce to 1964/2000 should form the 2nd Right Shoulder (RS2) to match LS2 at 2013 from August 2014.

The alternate (blue) count is that minor 4 of major [1]-PC-C2 completed at 1947 and minor 5 of major [1] down is underway.   Minute (1) of minor 5 complete at 1897 and the minute (2) wave was an expanded flat that complete at 1927 early today.  The minute (3) wave should be underway that will reach the 1814 pivot area, where (3)=2.62(1) =1796.  The major [1] low should come between the 1814 and 1775 pivots and then a major [2] rally back to the 1956 pivot before the big major [3] fall.   The alternate (blue) count remains valid below the 1947 level.

Have a nice weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15-min MD 2-4-16

SP-500 60-min chart (EOD):

PUG SP-500 60-min MD 2-4-16

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr MD 2-4-16

SP-500 daily chart (EOD):

PUG SP-500 Daily MD 2-4-16

SP-500 weekly chart (EOD):

PUG SP-500 weekly MD 2-4-16

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